Mideast Stocks: Most Gulf markets track oil, global shares lower

Mideast Stocks: Most Gulf markets track oil, global shares lower

Most stock markets in the Gulf ended down on Tuesday after tracking oil and global shares lower with the Saudi index falling for a ninth consecutive session. Oil prices - a catalyst for the Gulf's financial markets - fell by more than 1.5% after data showed China's imports and exports fell much more than expected in July in another sign of a sluggish post-COVID rebound for the world's largest oil importer.

Saudi Arabia's benchmark index lost 0.3%, weighed down by a 1.8% fall in Dr Sulaiman Al-Habib Medical Services Co and a 2.2% decrease in Saudi National Bank. Oil giant Saudi Aramco, however, advanced 1.2%. Aramco on Monday reported a net profit of 112.81 billion riyals ($30.07 billion) for the second quarter, beating a company-provided median estimate from 15 analysts of $29.8 billion.

The group declared a base dividend of more than $19.51 billion, roughly in line with its payout for the first quarter. It will also start paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter.

The Qatari index dropped 1.1%, as most of the stocks on the index were in positive territory, including petrochemical maker Industries Qatar, which retreated 3.5% ahead of its earnings